COVID-19’s impact on your TSP and taxes

Millions of people who, just a couple of months ago, had good paying jobs, health insurance and vacation plans are now having to make choices between food and rent. Others are still waiting for special checks from the government. A lot of people are trying to figure out what Congress and the White House have done to ease their pain. And what’s next?

Tax deadlines were changed so you can delay filing until mid-July. Rules governing things like Required Minimum Distributions for older investors have been waived. Law offices are suddenly swamped with questions and requests from people wondering what they should be doing to make sure, in a worst case scenario, their designated loved ones get what’s due them. A will, witnessed by your buddies on the softball team that you pulled off the internet suddenly doesn’t seem sufficient. Maybe for a good reason?

So Tom O’Rourke, estate and tax attorney in the Washington, D.C., area, joined me this morning on our Your Turn radio show. We’ll talk about the latest in death, taxes, estates and new legislation designed to help people in these very uncertain times.